Hearing of the Senate Energy and Natural Resources Committee on Low Carbon Energy Technology Development Needs

Hearing of the Senate Energy and Natural Resources Committee on Low Carbon Energy Technology Development Needs

Domenici Addresses Low Carbon Technologies at Hearing

U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today made the following statement at a committee hearing to consider low carbon energy technology development needs:

"Thank you, Mr. Chairman, for calling this hearing to discuss the challenge posed by the need to provide the energy that fuels our economy, while at the same time addressing global greenhouse gas emissions. This hearing gets to the very heart of the difficult debates that Congress has conducted over the past several weeks since it forces us to again consider the short-term actions we must take to build a bridge to a secure, sustainable energy future. While it is simple to agree that we must develop a sustainable economy that produces significantly less greenhouse gas emissions 40 or 50 years from now, it is difficult to agree on what options we should pursue to achieve that goal and at what cost.

"The Energy Technologies Perspective 2008 report recently published by the International Energy Agency shows the complex and multifaceted nature of the problem before us. After considering the projections provided in this report, though, I am impressed that really the challenge is three fold. Not only must we address our growing future energy needs while reducing our carbon emissions, but first, and I believe most importantly, we must address the immediate danger in which our continued dependence on foreign sources of energy places us. I have made no secret of the deep-seated fear I have regarding the future of our Nation if we continue to export our wealth abroad in exchange for foreign oil.

"This is an issue that we must address, no matter what course we pursue with regard to carbon emissions. Despite the assertions of many who support reducing our carbon emissions, the Energy Technology Perspectives 2008 report makes it clear that reducing carbon emissions, by itself, will not significantly impact our dependence on foreign oil. Even under the most aggressive CO2 cutting scenarios described in this report, oil is projected to remain a substantial portion of the world energy mix by 2050. While world oil use is projected to decrease under these aggressive scenarios it is still projected to remain at 60-70 million barrels a day by 2050 compared to approximately 80 million barrels a day in 2005. What is most notable in these projections is that the amount of oil obtained from OPEC sources is projected to be the same in 2050 as it is today. It is the oil obtained from other sources, including our own domestic production, that is projected to decline.

"I have said on many occasions in recent weeks that I believe domestic oil production is a bridge to the future. This is an example of why I make that statement. Are we to accept a future in which we continue to send billions of dollars overseas to purchase oil, or will we build a bridge with increased domestic oil production to a future of new, cleaner technologies? I suggest that our best interests are served by decreasing our dependence on foreign sources of oil - and we should start now.

"There are many "inconvenient truths" that we must contend with today. First, the effort required to reduce our domestic CO2 emissions in the decades to come will be extremely difficult and if not done correctly will be very costly. Second, no matter how successful we are in limiting our carbon emissions, oil will remain an essential part of our domestic energy mix. Third, the immense wealth we expend to purchase oil from foreign sources increases our trade deficit and leaves us economically disadvantaged and strategically vulnerable.

"Mr. Chairman, I believe we must keep these truths in mind as we listen to today's testimony. Certainly we must aggressively address the issue of global greenhouse gas emissions but we must do so while keeping the economic well being of our country in the forefront of our thinking. I believe this can be achieved by taking advantage of the many technological alternatives we will hear about today while ensuring the maximum utilization of all of our domestic sources of energy.

"Again, thank you Mr. Chairman, for convening this hearing. I look forward to hearing the testimony of the witnesses that have joined us today."

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